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<Articles> Disclosure of Risks and Key Performance Indicators Related to Climate Change: An Analysis of Disclosure in Annual Securities Reports in Japan

Publication Date
  • 年次報告書
  • Annual Reports
  • 環境
  • Environment
  • 気候変動
  • Climate Change
  • リスク開示
  • Risk Disclosure
  • 重要業績評価指標
  • Key Performance Key Perform: Kpis


[要旨] 本稿は, 企業の年次財務報告書で開示される, 気候変動情報の開示について, 代表的な多国籍企業およびわが国の最近の有価証券報告書の開示事例を分析し, 気候変動に関連したリスクと重要業績指標(KPI)開示の改善に向けた検討を行っている。気候変動問題が企業の発展, 業績および財政状態に影響するならば, その情報開示は極めて重大であり, 投資家の意思決定に影響する。よって, 最近, アメリカではリスクとして, イギリスではKPIとして制度財務報告で情報開示を求める法制度や枠組みが発展してきた。わが国でも既存の制度のもとで開示が可能であるが, 実際には開示企業数も内容も未だ限定的であり, 開示改善のための法制度や具体的指針の発展が必要である。 [Abstract] This paper attempts to provide a personal perspective regarding quality improvement on disclosures both risks and key performance indicators (hereafter KPIs) regarding climate change issues in corporate annual financial reports based on analyses of disclosures prepared by both a leading multinational company in the UK on “Form 20-F” for the US securities market and current Japanese companies on “Annual Securities Reports” pursuant to the “Financial Instruments and Exchange Act” for the fiscal year ended March 31, 2010 in Japan. Climate change issues could affect company development, performance and position, and disclosure of this information is crucial, as it affects investors' decisionmaking. Therefore, the information should be disclosed as risks in the US financial regulatory framework, and also as KPIs in the UK company law framework; both frameworks have been improved recently. However, in Japan there is little specific framework and little concrete guidance such as in both the US and the UK, and also there is very limited disclosure so far. There is a need for Japan to develop additional regulatory framework and specific guidance in order to improve climate change disclosure in financial reports.

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